Voya Prime Rate Trust Announces Intention to Conduct Tender Offer for its Common Shares

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (the “Fund”), today announced its intention to commence a tender offer for 15% of its outstanding common shares.

At the Fund’s 2020 annual meeting, shareholders approved a resolution requesting that the Board of Trustees of the Fund (the “Board”) consider authorizing a self-tender offer for 40% of the outstanding common shares of the Fund at or close to the net asset value of the common shares.

As a result, the Board has determined to authorize the Fund to conduct a tender offer for 15% of its outstanding common shares at a price equal to 99% of the Fund’s NAV per share as determined as of the close of the regular trading session of the New York Stock Exchange (“NYSE”) on the day the tender offer expires. The Fund expects to commence the tender offer in early December 2020, with the expiration of the tender offer currently anticipated to occur in January 2021. Additional terms and conditions of the Fund’s tender offer will be set forth in the relevant tender offer materials, which will be distributed to the Fund’s common shareholders. If more than 15% of the Fund’s outstanding common shares are tendered, the Fund will purchase its shares from tendering shareholders on a pro rata basis at a price equal to 99% of the Fund’s NAV per share as determined as of the close of the regular trading session of the NYSE on the day the tender offer expires.

Following the completion of the tender offer, the Board expects to consider authorizing one or more additional tender offers in line with the resolution approved by shareholders.

Important Notice

This press release is for informational purposes only and shall not constitute a recommendation or an offer or a solicitation to buy any common shares. The Fund has not yet commenced the tender offer described in this press release. The offer to purchase Fund common shares will be made pursuant to an offer on Schedule TO. COMMON SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS, INCLUDING THE OFFER TO PURCHASE AND ANY SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE TENDER OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common shareholders may obtain a free copy of any of these statements and other documents when they are filed with the U.S. Securities and Exchange Commission (“SEC”) at the website maintained by the SEC at www.sec.gov or by directing such requests to the Fund.

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